Small cap news round-up
Insurance premium finance-focussed finance group Orchard Funding Group announced its unaudited results for the six months to 31 January on Thursday, with the board reporting it lent £31.1m for the period.
The AIM-traded firm said that, on a like-for-like basis, an extra £7.5m of lending occurred - a 31.7% improvement on the six months to 31 January 2016.
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Shares in AIM-quoted Serabi Gold are up almost 8% as investors like its full-year results, which revealed a surge in pre-tax profit despite a weakening of Brazil's currency, the real.
The company's chief executive, Mike Hodgson, said Serabi produced 39,390 ounces of gold for the year, which was ahead of its production guidance.
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Rare and orphan disease-focussed pharmaceutical company Amryt Pharma posted its final results for the year to 31 December on Thursday - a year in which it raised £10m through a placing and reverse takeover in April.
The AIM-traded company’s revenues totalled €1.35m, in line with management expectations, which included one month's revenue from Lojuxta which was in-licenced in December, and eight and a half months of contribution from Imlan following the acquisition of Birken.
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Home collected credit lender Morses Club announced the launch of Dot Dot Loans on Thursday, its first online instalment loans product.
The AIM-traded firm said the launch followed the purchase of Shelby Finance in January, which is fully authorised by the FCA to provide online instalment loans and now operated as a subsidiary of Morses Club.
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Information management software provider Ideagen has won two new five-year contracts from undisclosed large airlines, worth a combined £1.8m.
Both airlines will use Ideagen's cloud-based safety and reporting software product, Coruson, to implement a safety and risk management system across their operations.
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Bowleven has terminated the contracts of two executive directors and chairman Billy Allan has resigned from the Africa focused oil and gas group with immediate effect, following pressure from dissident shareholder Crown Ocean Capital (COC).
Allan, who had occupied the role for only 18 months and had the backing of most shareholders apart from 23%-owner COC in a recent emergency shareholder meeting, will be replaced by current non-executive director Christopher Ashworth, who has COC's backing.
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Shares in Harwood Wealth Management tumbled on Wednesday ahead of the company’s equity placing to raise about £10m to fund potential acquisitions as part of its growth strategy.
The AIM-listed financial planning and wealth management group is planning to raise funds from an accelerated bookbuild of shares of 150p each.
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Shares in SRT Marine Systems are up almost 8% after it confirmed it had entered a contract to deliver a national MDM system for a country in the Middle East.
The system would enable continuous real time identification, tracking and monitoring of many thousands of leisure and commercial vessels operating in their territorial waters and EEZ (exclusive economic zone).
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EU Supply, an e-procurement software provider, has won a contract to upgrade its complete tender management (CTM) platform for an existing customer.
CTM is a tool that allows tenders to be created, distributed and evaluated without the need for paper documents, making the tendering process easier for buyers and suppliers.
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Agriculture and engineering group Carr's warned that profits for the year will be "significantly below" expectations, despite an improving UK agriculture performance.
On top of a delay to a significant contract in the UK manufacturing business, which was revealed in a trading update in January, the US feed block has also been hit by a slower than anticipated recovery in cattle prices.
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Oil and gas company Mayan Energy announced on Thursday that it raised £600,000 before expenses with institutional and private investors through a company arranged subscription of 12 billion new ordinary shares of no par value each at a price of 0.005p each.
The AIM-traded firm said the proceeds would be used to fund ongoing working capital and the Shoats Creek Field development.
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Shares in Sula Iron & Gold are up more than 5% after it emphasised its focus on exploration for the yellow metal, proposed a name change and commented that it believed there was a lot more gold to be found at the Ferensola Project.
Chief executive Roger Murphy said the company believed that there was a "lot more gold to be found at Ferensola and your board and operational team is focused on that process."
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Sigma Capital Group's equities are up almost 1% on news it is advancing plans for the possible launch and flotation of an independent and outside-of-London focused REIT.
"The proposed REIT would be managed by Sigma and invest predominantly in Private Rented Sector housing in the main English conurbations, and largest employment centres, outside of London. It is also intended that the REIT develops assets utilising Sigma's PRS platform," it said in a statement.